After being on the market for more than two years, a two-bedroom condo on the 66th floor of the Time Warner Center‘s north tower has finally sold, going for $100,000 less than it was first purchased in June 2008. The $7 million sale may have been a failed flip, as the unit was put back on the market for $7.895 million in October of that same year, or perhaps the then-buyer changed his mind after the world collapsed around Lehman Brothers.
According to city records, Nobska Point LLC has just offloaded the glassy home. The entity is managed by John Fowler, a partner at Holliday Fenoglio Fowler, a mortgage banking firm with a dozen offices across the country. A week before he bought the Time Warner spread two summers ago, Mr. Fowler sold a 32nd-floor unit at 15 Central Park West for $7.66 million . The Observer could not reach that Mr. Fowler, who it could be said was trading up vertically if not architecturally, given that unlike the Time Warner Center, prices just keep rising in Robert A.M. Stern’s marvel across Broadway.
The winner in this deal? Toms River doctor Kock-yen Tsang, who sold the Time Warner unit to Mr. Fowler for $7.1 million after buying it for $3.82 million in 2004.
The forlorn condo was snapped up by, yes, another mysterious LLC, the cleverly named Rancho Oriental (the north tower is known as The Residences at the Mandarin Oriental). City records trace the entity in part to a bank in Orlando, so we’ve got an out-of-towner swap on our hands. Brown Harris Stevens listing agent Kyle Blackmon declined to comment.
His listing coos about panoramic views of the Park and the Hudson, as well as all those top-flight, perfect-for-a-pied–à–terre amenties: “Everything you need to simplify your life is right here, including the full-service concierge to assist you with your every wish, and in-house 24-hour room and maid service, not to mention the hotel’s world famous spa, pool, and fitness center.”
Those still looking for a comparable layover lair may find one just down the hall, where a slightly larger (by 30 square feet) two-bedroom is asking only $6.5 million–one assumes because of it’s lack of Park views. The Observer actually featured the home back in December. It is owned by–you guessed it–an LLC based in Miami, which unlike Mr. Fowler still stands to make a profit should a sale at the current price (it was once asking $6.9 million) go through. The two-bedroom was purchased in Feb. 2008 for $5.95 million.
Clearly the Time Warner Center is living la vida loca these days.